i might be one let's dig deeper with sanjay mehrotra from mcc -- micron tulgs. thank you for coming and it looks like the measurements that i follow whether it is free cash flow or where we are in the cycle, this is a new micron. one that can sustain any downturn and still be strong. >> and that is absolutely our goal we are extremely focused on technology, new product, introductions and our cost competitiveness in the market place as well. you're absolutely right. this is about new micron when you look at 2019 with steep price in the industry we produced the second best year in the four-year history of the company. second best year for free cash flow and profits of the company. >> you came on our show and you announced that gigantic buyback and people except for a couple of us for students that the buyback wasn't real. you were in there all of the time in terms of the amount of stock. >> in fiscal 2019 we did buy back $2.7 billion of the stock we had free cash flow of $41 billion to 65% of our free cash flow went toward the buyback. in fiscal fourth quarter our

micron ceo has over 30 years of experience in the semiconductor industry 64% of micron's revenue come from sale -- micron's cash price ratio using average cash flow from the previous four years is four which is substantially lower than industry peers. it's priced to earnings ray show, again using average earns from the previous four years is nine, which is also substantially lower indicating that micron sunday valued. micron has a current ratio of 2.5 and debt equity ratio of 13% indicating its balance sheet is healthy and low debt levels. it's return on investment capital which is 15 by is on peer for other semiconductor manufacturers. the two biggest headwinds i see facing micron are trade war tensions with china. i think both of these will blow over in the long term and in conclusion i think micron is a strong company that's understand valued at its current price and has adequate margin of safety to qualify it as a worthy investment >> i think you're completely right. the ceo is a genius. remember when it body after the quarter and stock right there 41 he was buying the stock. you

more flash which micron makes. e're one of the best countries in the western hemisphere that makes memory and storage. increasing. today it's all about data. a.i. workload, servers in the much d and imes as two times more flash than standard servers. your best buddy, amazon and netflix and those step ers is that the change for your world? >> the step change for us here, memory and storage have become essential, and is value to the end-market application. and therefore, it has become in this a.i. and 5-g and revolution today. >> thank you for being with us. forum. good new economy the c.e.o. of micron technology, say sanjay mehrotra. >> thank you so much. let's get a check on the markets. markets still weighed down by a phase we may not see one deal by the end of 2019. president trump is expected to the hong kong bill even though he's talk about being cautiously optimistic on a deal, you can see futures in europe on the back foot. proposing suspending its 2018-2019 dividends may not be taken well by the market. on t

of a german chancellor angela merkel rejected what she called micron's drastic words germany's foreign minister is warning against undermining nato in a column in the spiegel magazine he said neither germany nor europe will be able to effectively protect themselves without the us and in an interview with the financial times poland's prime minister viewed macross questioning of nato's commitment to mutual defense as dangerous the secretary general of the north atlantic treaty organization the n stoltenberg on the other hand stressed the coalition while strong and the u.s. and europe are working closer together than in the past decades incoming european commission president sort of on the layer hailed nato as a protective shield of freedom and said the most powerful defense alliance in the world. i welcome on this now i'm joined by our guests we have in brussels john laughlin author and consultant on international law john is also a lecturer at the university institute of st pius 10th on skype from philadelphia alexander vershbow now former deputy secretary general of nato and the former

taylor: that was micron ceo sanjay mehrotra from beijing. the new economy forum was organized by bloomberg economy group, a division of bloomberg lp. qualcomm has been front and center in the development of 5g networks, including its strong partnership with apple and china telecom firms. steve sat down with caroline to discuss views on apple and how china is doing in the 5g race. steve: we have a very strong business in china, a lot of partners including huawei we sell to. it continues to be a big opportunity and business for us, and in some ways, actually isolated or insulated from the trade discussions. there is a lot of expansion happening worldwide with 5g in china. qualcomm is a big part of that and it is a classic story that if you have technology that people want or need, or if you are the strongest partner, you can figure out how to win. caroline: you don't feel the business has been curtailed? steve: we have had a change in the structure of the chinese market as the huawei handset business has retrenched into china. what people have

the threshold values for the inhalable particles measuring $2.00 microns or less is $25.00 micrograms per cubic meter of air averaged over 3 years. how one small vessel and we took the data for pm $2.00 in germany and compared it with the authorized threshold value that they're going to show us on this as you see on the map everything is green which means we have not exceeded any threshold value and are in compliance with the limit so it looks like there is no health risks but the world health organizations recommended limit is much lower when we compared our data to their threshold value of the map or suddenly read in other words there is a health hazard so if we want to protect public health we should use the w h o's recommendations as our yardstick. threshold values are always the result of negotiations politicians not doctors all scientists decide whether the air we breathe is clean enough. and currently politicians are focused on road traffic as the main source of pollution but marian victim and feedback says elsewhere. would fuel heating systems are significant factor in air pol

divided the french president warns the alliance is facing brain death but germany's chancellor rejects micron's claim that europe can no longer rely on its u.s. on the u.s. to defend its allies will get reactions from washington also coming up. and on the streets of iraq another day of anti-government demonstrations turns deadly security forces used live fire on protesters last. we were in west germany people were interested enough they gave us clothes they gave us money we are helping everyone. as germany remembers the fall of the berlin wall we meet a former east german refugee who says his experience is driving him to help a new generation of asylum seekers. i'm told me all oddball welcome to the program. nato members are at odds at the worst possible time as the world marks 30 years since the cold war began to and france a crucial member of that winning team suggests this alliance no longer functions that puts nato future in doubt and has prompted german and nato leaders to condemn the criticism. part of the berlin wall is displayed outside nato headquarters right now again stoltenberg is m

neighboring creational is just a few kilometers beyond these mountains micron's try to cross into the e.u. here many are pretended and sent back by creation police soon temperatures are expected to drop winter is particularly severe in this mountainous part of bosnia as is becoming clear to the camp's residents. that's an appalling condition here people and i have been with despite the danger no one in other parts of boston wants to take these people in. this is what aid workers believe to be one of the most dangerous migrant camps in europe at the moment doctors report cases of scary bees and other serious diseases but still local authorities don't want to close the camp they want to keep up pressure on other regions and the government in sarajevo to open a different collective center elsewhere in the country. for the last 2 years more and more refugees have reshaped one of bosnia's largest cities more than 5000 of them now live here in the north west and more arrive every day the mayor of the hutch is demanding a long term solution. camp must remain permanently open of course we cou

its citizens have the right to work anywhere across the union including in france excuse me but is micron really able to talk about bulgaria does he know the bulgarians well enough to talk about them like this. i find such behavior towards us totally unacceptable however it is clear that there are criminal networks from bulgaria operating here in france and this it seems is what mark corn has issue with but how do people in paris feel about mcewan's preference for working my quince 7 it is ridiculous it's a french president of all people who should make a distinction like this between different types of immigration to friends i don't see why it's from a card to decide who has the right to come and who doesn't much interest in the gratian whether from eastern europe. the ivory coast is all the same we allow everyone to integrate yeah so while it's true that i'm not too keen on micron in this case i think he's right it is better to verify who's coming in to control our borders and immigration not cohen has since his election in 2017 been clear about his views for the future of the european

taylor: that was micron's president. the new economy forum is founded by bloomberg media group, a division of bloomberg lp, the parent company of bloomberg news. and fcc commissioner says other countries are making strides in 5g and the u.s. risks falling behind without a master plan. that's next. this is bloomberg. ♪ taylor: more on the race to advance 5g networks. fcc commissioner jessica rosenworcel things there are many ways to make 5g services andlable, but the sec government administration are still figuring out ways to make that happen -- the fcc and government administration. >> as we move to 5g, we are going to need more airwaves to power that next generation of wireless services, and some of those airwaves are in a really sweet spot. that band you are talking about is right there, but over time, the fcc allocated those airwaves to a lot of satellite services, and we may have offered so much of those airwaves to satellite services that they could return some of them now and make them available for new terrestr

problems that includes addressing low wages higher living standards and economic inequality although micron says he's taken measures a year on the protests say he has not done enough well bring in our guest shortly but 1st reports from paris. well the yellow dress movement began one year ago it began as a protest over high fuel prices but it soon turned into something so much bigger a grassroots social movement over the cost of living and against a french president and government that many people in for all said were simply out of touch with the concerns of ordinary people now where the yellow vest movement has really succeeded over the last year as it's inspired many supporters and followers not just in france but in other countries around the world it's also really thrown a spotlight on a whole segment of society people who work who have jobs but still struggle financially and it forced the french president. to change his approach and try and do more for working people who say that they are actually poor one of the problems though is this yellow vest movement seems to have lost momentum o

neighboring creation just a few kilometers beyond these mountains micron's try to cross into the e.u. here many are prevented and sent back by creation police soon temperatures are expected to drop winter is particularly severe in this mountainous part of bosnia as is becoming clear to the camps residents. it's an appalling condition here people think of it even when despite the danger no one in other parts of boston wants to take these people in. this is what aid workers believe to be one of the most dangerous migrant camps in europe at the moment doctors report cases of skating's and other serious diseases but still local authorities don't want to close the camp they want to keep up pressure in other regions and the government in sarajevo to open a different collective center elsewhere in the country. for the last 2 years more and more refugees have reshaped one of bosnia's largest cities more than 5000 of them now live here in the northwest and more arrive every day the main f.b.i. which is demanding a long term solution. camp must remain permanently open of course we could said th

sure to keep it but his words today are in stark contrast to those of the french president in manuel micron who recently said the alliance is experiencing a gradual brain death he goes standoff picks up the story. nato heavyweights are converging upon brussels and it's all smiles and pats on the back and a very very v.a.p. guest all the way from the united states the secretary of state might bump aoe himself but behind this facade of handshakes and mutual joy hides a nasty in the block's fabric and that is between the believers in the alliance and heretics who dare question the relevance of the block and this whole aggravation it stems from right here from france when president emmanuel mccrone dared to assume dare to say that the bloke is experiencing and i quote brain death what we are currently experiencing is the brain death of mater only works if the guarantor of the last resort functions as such i'd argue that we should reassess the reality of what is in the light of the commitments of the united states and now since early november when that happened this jab is still hurting with the

in many in micron and seeking be make a taste of the french wine and be. this is the second edition of china's international import export which fading hopes will help deflect complaints about the trade imbalance or about state subsidies given domestic companies announced that vantage. speaking as sees guest of honor the french president called on his host today more to improve market access. live we need a more open china and chinese domestic market. paul says all these businesses in french german european are expecting a lot of promises from china that are being discussed here. the chinese president reiterated his paroled pledged for better international corporation and lay with her ex. but his speech was short on specifics and did not directly address beijing's technology and other policies that have d drawn criticism from the west. hi john. we need to tear down rules not to wrecked wills. we need to sit on your firm against protectionism and unilateralism bambi and we need to continually bring down by say on there is. the french president then attended

has been undermined by washington's faltering commitment to the alliance it doesn't seem that all of micron's allies agree with his assessment though the comments have drawn several responses since they were published. france's president the french president used rather drastic words to express his views this is not how i see the state of corporation with nato so i don't think that such a sweeping judgment is appropriate made to ease in our interest it's all security lines obviously we have to take our destiny in our own hands but the transatlantic partnership is absolutely indispensable i agree with the change of merkel need to stream. united states north america and europe we do more together than the done for decades we have implemented the strongest reinforcements of collective defense since the end of the cold war. we're now joined live by jonathan fry our writer and broadcaster welcome to the program it's lovely to have you with us now is a man on a quarter century acknowledging that without american military support europe is elect quick to defend itself. well to a certain degree but i

mccrone warned european countries they can no longer rely on the united states to defend the alliance micron's says nato is suffering from a lack of coordination and u.s. predictability german chancellor angela merkel says she disagrees with microphones quote drastic words tony c. is a former georgian deputy foreign minister he says other nato members are unlikely to agree with macro. even we if we can agree on the currency analysis about the problematic issues inside nato such as the american and been american presidents had to just always lease open a zation the problems with turkey i think he's. conclusion and so he the solutions he's proposing are quite radical and nato still remains the most powerful defense alliance in the world. if we just look at the head of military budgets and the military capacities of the countries that are involved in this organization organization they are still far far ahead. had their their immediate competitors like china russia or some other countries if he wants to replace neato with the idea of european defense i think france will be almost alone in this in

these are our top stories german not german chancellor angela merkel has rejected french president micron's claim that nato is experiencing quote brain death the chancellor along with nato secretary-general ban stoltenberg reaffirmed their commitment to the military alliance.

have taken pass allowing micron to win back some support in opinion polls but activists have accused the government of excessive force against demonstrators 24 people have been blinded. 5 of last harms the victims blaming a liberal use of stun grenades and rubber bullets. the french economy is among the fastest growing in europe but poverty is growing to its powerful trade unions are calling for strikes and protests in december over pension reforms yellow vests say they would join them like rob may face a turbulent winter ahead. paris. many patients with severe but stable heart disease could benefit from medication and lifestyle changes rather than surgery that's the finding of a major study backed by the u.s. government which observe more than 5000 people over 7 years it's the biggest yet to compare invasive options like stents with more conservative treatments including cholesterol lowering drugs and aspirin the study says if adopted into practice the findings could save hundreds of millions of dollars in health care costs ali khan is dean of the university of nebraska medical cent

much blame for climate change back in paris the farmers didn't get the direct response from president micron that they demand it but they were promised by a government spokesperson that they would always be treated fairly. in the war actually more like that we're currently opening a period of commercial negotiation between produces a large scale distributors. and the government is clearly listening closely at this delicate time which allows prices to be fixed for next year will ensure that there are extensive checks to make sure that these negotiations are conducted within the law. the anger shown by the french farmers reflects a dissatisfaction among many they're struggling european colleagues behind it is a fear that the next big policy change targeted at their sector could prove to be the last straw. now to another big agriculture story about a quarter of the global pig population is expected to die as a result of an epidemic of african swine fever that's according to the world organization for animal health the epidemic has been spreading for over a year now and hardest hit is china wher

and the also defended president trump which is quite interesting considering you know the words of micron and like i said what president trump has said about nato he's been incredibly critical of germany and the other european nations saying that they should spend more money they should reach the target which is set out by nato of 2 percent and what's definitely probably going to be coming up and president from one told back on that is the fact that he believes that will be a topic of discussion at the next nato summit which will take place in london next month considering what you said about president trump and his comments about nato is the u.s. abandoning its nato allies. i wouldn't say that the u.s. is abandoning its nato allies now it has been criticized recently for abandoning its allies not its nato allies and that would be of course in direct reference to where the u.s. is treatment of its longstanding allies the kurds in syria now that's really where a lot of the criticism has actually. recently and also the fact that the u.s. under president trump has actually you know it he's b

the yellow vests want to make it clear to president emanuel micron that they haven't gone away a new poll shows more than half the french population support them. on a true gentleman who is still in exactly the same place but we won't give up we will fight for our purchasing power for them to stop imposing taxes on us the little ones because we're fed up of dying in silence while they sleep has been coming here every saturday from the beginning and as you can see we're good to go on for a 2nd year because there's nothing nothing nothing and yet you know. despite these latest disturbances the movement has lost momentum that's partly because mike ross softened his stance and offered billions in state aid and tax cuts he also scrapped plans for a massively unpopular increase in fuel tax but more on rest is likely before the year is out unions of called mass strikes early next month to protest against proposed pension reforms. lisa lewis has been covering the protests in paris for us she says that while the crowds in the streets may have diminished their anger over the economy as. today'

have taken pass allowing micron to win back some support in opinion polls but activists have accused the government of excessive force against demonstrators 24 people have been blinded 5 have lost homes the victims blaming a liberal use of stun grenades and rubber bullets. the french economy is among the fastest growing in europe but poverty is growing to its powerful trade unions are calling for strikes and protests in december over pension reforms the yellow vests say they would join them micron may face a turbulent winter ahead. paris. at least 20 people have died in protests and guinea thousands of demonstration against a proposed change to the constitution that would allow president alpha condé to run for a 3rd term while the volga holds. the family of abdullah is devastated they say he was shot dead during an album of protest in the name capital conakry on fears that his wife was left to bring up the 3 month old baby on her own she says she tried to prevent him from going out to join the protest. i can look over the one my husband did not come home and after his friend called

back in paris the farmers didn't get the direct response from president micron that they demanded but they were promised by a government spokesperson that they would always be treated fairly. in the war actually more a lot now we're currently opening a period of commercial negotiation between produces a large scale distributors. and the government is clearly listening closely at this delicate time which allows prices to be fixed for next year will ensure that there are extensive checks to make sure that these negotiations are conducted within the law. the anger shown by the french farmers reflects the dissatisfaction among many of their struggling european colleagues behind it is a fear that the next big policy change targeted at their sector could prove to be the last straw. and i to some of the other global business stories making news. billionaires preparing a law to protect german companies from foreign takeover us economic minister peter out my a set of the government wants the right to veto bits by non e.u. investors if their plan to acquire at least 10 percent of a german firm

it seems to be forming a classic head and shoulders pattern if you see a further break down in micron, it will be a lot more discriminating on which stocks in the sector. >> definitely need to stay on alert. >> our focus is on those companies in the higher growth markets that we want to be in. gaming, data center, ai, autonomous vehicle gaming and ai continue to be the key growth drivers and looking really strong there. there's a growing number of blockbuster games that are coming out on the market that are embracing their tracing technology that has a incredible amount of realism. the stock was almost at 300 bucks last year. now it is strongly moved back above 200. it's out performing the broad semiindex by 20% i think there's more room to run. >> all right we'll see those results later today have to say about that thanks a lot more more trading nation head to our website or follow us on twitter. melissa, back to you >>> ahead, elizabeth warren bringing her fight against american billionaires right here to cnbc. his response next. we have details and wework losses ballooning. the com

other protesters were for the other bus rallies are a protest movement taking aim at president a manual micron's policies that began in response to now scraps fuel price hikes and then broadened to include a number of other social and political grievances the process all the most violent in recent french history with frequent clashes with police many have been caught in the crossfire. the journalist who was injured at the anniversary rally in paris believes there's no justification for the police using quote weapons of war i was angry with the police because they should only defend themselves like this when the situation gets out of hand but to use such a powerful weapon that they can't properly control after all they can injure journalists and peaceful citizens passing by they can also seriously injured demonstrators and i'm not sure that using this type of weapon is necessary you should know that this kind of grenade is classified as a military weapon for me they are weapons of war and i will go to court i've already filed a complaint and i will also file a complaint with the inspector general

size particles. 2 1/2 microns are smaller. that is smaller than the average human hair. the it diameter of a human hair. that means when we breathe it in, it breathes deep into our chest cavity and exacerbates people's problems with asthma, for instance, and lung concerns. on friday alone, in lahore, in pakistan, they've reached the highest levels they've experienced so far. there is moderate relief in sight. but still unhealthy conditions expected across the area. it is all thanks to the himalayas. well, this is in part to the problem. because we talk about it every year. the smog builds up, gets trapped in the region. northern pakistan -- northern india, has some of the highest concentration of polluted cities across the world. 14 of 20 most polluted cities there. and look what they're having to deal with. incredible. >> yeah, yeah. and it's man-made. >> right, exactly. >> thank you. >>> let's end on this one, the world of a 12-year-old minnesota boy just became a lot brighter. jonathan jones is his name and he is color blin

in my home state of idaho, micron technologies, the world's second largest memory chip maker had its chip technology stolen by a chinese state-owned company. this happened after government officials -- chinese government officials made acquiring that chip technology a national priority. that chinese company patented the stolen technology and suit micron technology patent infringement and chinese courts. such thefts are a common chinese practice. european comp trees have suffered similar experiences. china's overreaching foreign policy goal is to take what it believes is its rightful place as a global leader at the center of the international system by 2050, and to ensure the international system functions according to china's values, principles and objectives. to accomplish that, china's trying to displace the united states as the preeminent power in the indo-pacific. china also wants to insert deep influence in every of the region of the world to chip international perceptions and steer decision-making in its favor. china always demands demands. beating china's demand opera cries of